Modi government’s big decision, import duty will not be imposed on cotton till September 30

Cotton import: The Modi government has allowed the duty -free import of raw cotton till 30 September to improve the availability of major raw materials for the textile sector. Till now, 11 percent import duty on cotton was also imposed as well as Agricultural Infrastructure and Development Cess (AIDC).

As per the notification of the Finance Ministry on August 18, the fee exemption has become effective from August 19, ie today and will remain in force till 30 September.

The availability of raw materials at competitive rates globally for the textile sector is expected to be ensured due to the end of import duty. At the domestic level, the region is also facing the inverse tax structure under the Goods and Services Tax (GST) system.

Relief in India’s import duty is given at a time when Indian exporters, including the textile sector, are facing a heavy duty rate of 50 percent in the US.

The 25 percent fee on Indian goods to be sent to America has come into effect from August 7. On purchasing crude oil and military equipment from Russia, an additional 25 percent fee on India will be implemented from August 27.

Edited by: Nrapendra Gupta